FIRE Girls Pension Diary - Aim High & Dream Big

michaels

Duplicating what is in the number thread but this is one of several survey based 'what you need to live on in retirement' models:

Home - PLSA - Retirement Living Standards

enthusiasticsaver

michaels said:

Duplicating what is in the number thread but this is one of several survey based 'what you need to live on in retirement' models:

Home - PLSA - Retirement Living Standards

Useful link.  I have seen it before and I would say it is pretty accurate. 

Sea_Shell

michaels said:

Duplicating what is in the number thread but this is one of several survey based 'what you need to live on in retirement' models:

Home - PLSA - Retirement Living Standards

We manage to do "moderate" on "minimum" money😉

Firegirl

Thanks so much for this cause I can’t find the number thread. I’ll have a look

NoMore

Pensions Planning: The NUMBER — MoneySavingExpert Forum

Firegirl

NoMore said:

Pensions Planning: The NUMBER — MoneySavingExpert Forum

Wow bit of a lively debate in the first few pages, so I’ve jumped to the last pages!

Firegirl

enthusiasticsaver said:

Do you not have a spending app tracker on your bank mobile app?  Do you budget monthly or just wing it? I know when you earn a lot it is tempting not to bother but you may find it interesting.  There has been all sorts of research into the different levels of retirement but there are different levels within that. 

A few things you need to ask yourself.  

Do you have expensive hobbies like golf and do you want a gym/country club membership etc
Will you be running a car (or two) and will you need to build in costs for replacing this every 5-10 years or sooner
How often will you be eating out and at what type of restaurant/pub
How big a house will you be running and maintaining. Build in costs of home improvement projects, white good replacement etc. 
Travel is a big one and can range from a  few weekends away to several long haul holidays a year. 

We have a joint account for bills so that’s all organised monthly.  Monthly I set up standing orders for Pension and ISA. Then I spend what I want but I don’t spend all so it builds up over time.  Then the extra I either put to my mortgage or ISA.

until recently I had a few different bank accounts….just recently I’ve moved all the direct debits and standing orders to 1 account so I can do exactly this next Jan. All my personal expenses will be in one place.  This is my lazy way to do it

No expensive hobbies. I like walks and chats and coffees/lunches.  Will need to run 2 cars.  I think eating and coffees out and holidays will be my biggest expense in retirement.

I do think once I get myself organised I’ll be able to work it out.  Very easy to do bills account but my accounts weren’t all in one place for the last year.

lots to ponder!

Firegirl

michaels said:

Duplicating what is in the number thread but this is one of several survey based 'what you need to live on in retirement' models:

Home - PLSA - Retirement Living Standards

Looking at this, I’d like to aim for comfortable couple £54,500.

But this thread is all based on me. My OH also has a good pension but I don’t know were that is so I’m basing this thread on me covering both of us.

jimi_man

Firegirl said:

NoMore said:

Pensions Planning: The NUMBER — MoneySavingExpert Forum

Wow bit of a lively debate in the first few pages, so I’ve jumped to the last pages!

Yes the first few pages were spoiled by someone but it settled down and got more sensible. 

Firegirl

Yeh I’ll need to revisit, that has contributed to my procrastination